Thorofare Capital has funded a $21 million bridge loan for the recapitalization of Aspire at James Island, a class A multifamily asset in Charleston, South Carolina. The financing enabled the sponsor to repay its construction financing and replace its existing limited partners with a new group of investors after the project’s March 2020 completion.

The 127-unit, garden-style community consists of two, four-story buildings which were nearly 70% occupied at the time of loan origination. The property was delivered at the onset of COVID-19, but has been leasing up at a steady pace. On-site amenities include saltwater pool with cabanas, fire place with lounge seating, clubhouse, grilling stations, a fitness studio and gas fireplace in the resident lounge. In-unit amenities include stainless steel appliances, granite countertops, walk-in closets, faux wood floors, and oversized kitchen islands.

Given the transitional nature of the property, the loan included interest and shortfall reserves to carry the business plan through the expected stabilization. Thorofare provided a non-recourse, interest-only loan with an initial term of 18 months with an extension option.

The sponsor is a private investment group with a focus on developing, acquiring and managing multifamily and self-storage assets across the Southeast U.S.